Virtual Currency: The New Money Laundering

Are Your Existing Processes Strong Enough To Fight Money Laundering In The Cyber Age? 

Cybercrime Whitepaper

A recent report that U.S. prosecutors are calling “the biggest international money laundering prosecution in history” raises great concern for organizations involved with assets traded via the internet. Digital currency was developed as a way to make anonymous transfers over the internet without paying fees to a bank. The U.S. Justice Department warned as early as 2008 that criminals would increasingly rely on the digital currency industry to launder and move funds because it facilitates financial transactions outside the rules of the traditional banking system.

“We’re now entering the cyber age of money laundering,” Richard Weber, Chief of the Internal Revenue Service’s Criminal Investigation division, who also alluded to Chicago Crime boss Al Capone. “If Al Capone were alive today, this is how he would be hiding his money.”

Organizations should adopt a connected solution for the full compliance life cycle, including regulatory intelligence, policy management, training, internal controls, country risk ranking, screening of business partners, internal audit and importantly, reporting. This takes their compliance programs further than a simple tick box exercise and provides a much more inclusive response to risk.

Accelus for Anti-Money Laundering (AML) provides a comprehensive, yet flexible, response to AML legislative demands. As technology continues to progress, so do the methods of money launderers and fraudsters. Accelus’ modular offering allows for a best practice solution for a particular context and time.

To find out how Thomson Reuters solutions can help resolve your AML compliance challenges, please click below.

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2 thoughts on “Virtual Currency: The New Money Laundering

  1. Pingback: Virtual Currency: The New Money Laundering - Compliancex | Compliancex

  2. Pingback: Virtual Currency: The New Money Laundering | Th...

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